Co-op of the Day: 90 Prospect Park West

Wouldn't 4L be the left apartment based on the front of the building on the 4th floor?

Posted by: guest at May 13, 2008 12:51 PM

still has more price chopping to go

Posted by: guest at May 13, 2008 1:05 PM

Did you all see that a contract was signed on this house...?

http://www.brownharrisstevens.com/detail.aspx?id=792680

Posted by: guest at May 13, 2008 1:08 PM

It's on the first floor. Lovely, well-maintained. Small kitchen. The brokers were pushing that you had rights to outdoor space and that you could break out a door and create your own patio space. But the space is really just a dark alley and opening up from the kitchen would be costly and probably not worth the effort. Bedrooms are small, but I thought it was a really nice place when I saw it a couple of months ago. But I wouldn't pay 1.4 for it.

Posted by: guest at May 13, 2008 1:09 PM

seems lovely to me (other than the ensuite problem.) Location is fantastic, building is very pretty. But I'd hate being on the 1st floor on PPW.

Posted by: guest at May 13, 2008 1:16 PM

what do people think this is actually worth?

Posted by: guest at May 13, 2008 1:27 PM

Whatever someone decides to pay for it, 1:27.

Posted by: guest at May 13, 2008 1:29 PM

1:16 here...not an expert, but given park proximity, good for kids, nice detail, no walk-up, I'd guess 1.2. Is this in 321 or 39?

Posted by: guest at May 13, 2008 1:32 PM

not interested... cobble hill and boerum hill much better...

access to the city and access to 5 neighborhoods all walkable its a no brainer...

Park SLope is so early 1990's....

Posted by: guest at May 13, 2008 1:43 PM

I love Brownstoner, don't be mistaken, but I feel like the website has developed a prejudice against the Slope. It seems everyday there is something posted about something not being worth some asking price. Blah blah blah more than the market could bear... blah blah blah its a great house but for 3 million dollars, not unless it was in Clinton Hill. Anyway, I really do appreciate the website.

Posted by: guest at May 13, 2008 1:43 PM

The bias against Park Slope is the reason I read this blog less and less.

It's so foolish and 99% of the time is just to rile people up.

Sadly, they fall for it every time.

Posted by: guest at May 13, 2008 1:48 PM

Re: Floorplan

Erra-rrrrrrr...chucka chucka chucka...erra-rrrrrr...

All aboard!

Posted by: guest at May 13, 2008 1:49 PM

It's a nice enough apartment, but you can still buy a house for $1.4 mm in some good neighborhoods. For the same money, I'd much rather have a house.

Posted by: guest at May 13, 2008 1:57 PM

well, you are totally paying for the location here at that price. $1.4 buys you one hell of a much bigger and better condo.

for me, space and layout (and outdoor space) come first which this doesn't have, so thinking that someone would just have really dig the location.

Posted by: guest at May 13, 2008 2:01 PM

I'd rather have an apartment, 1:57.

Different strokes for different folks.

Jennifer Connelly didn't want to take care of that huge house anymore in favor of apartment living, so clearly different people like it different ways.

No pun intended.

Posted by: guest at May 13, 2008 2:02 PM

What you all fail to realize is that yes...prices in the U.S. are falling. And they will fall here as well.

But we will go back to the tested phrase in real estate, which has ALWAYS been location, location, LOCATION.

If you've got the location, you are going to do a lot better in this and any subsequent downturns.

Always been the case. Always will.

Posted by: guest at May 13, 2008 2:05 PM

Jennifer Connelly didn't want to be in Brooklyn any more.

Posted by: guest at May 13, 2008 2:12 PM

Jennifer Connelly was born and raised in Brooklyn.

Posted by: guest at May 13, 2008 2:14 PM

A little steep for a first-floor unit without real outdoor space. Still you can't beat the maintenance, that's a San Francisco maintenance rather than a NY maintenance. the interior finishes are very pretty. For someone who likes living on the first floor it's perfect. Go for it. It is on the Gold Coast that's for sure.

Posted by: guest at May 13, 2008 2:20 PM

I prefer the first floor. Always have. One feels very connected to the street that way. Especially nice if you are coming from Manhattan and not used to how much quieter Brooklyn is...nice to see people walking by and know you are just a couple steps out to the street and park in this case.

Posted by: guest at May 13, 2008 2:24 PM

Jennifer Connelly was born and raised in Brooklyn and moved to Manhattan.

Posted by: guest at May 13, 2008 2:37 PM

I was born and raise in Manhattan and moved to Brooklyn.

Posted by: guest at May 13, 2008 2:46 PM

private outdoor space is different from public outdoor space you maroon.

Posted by: guest at May 13, 2008 4:14 PM

For an interesting comp, 90 PPW orginally open-housed around the same time as this Corcoran listing at 86 PPW (two doors down):

http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=1208160

86 PPW went into contract right away (obviously I don't know what price it went into contract at and the sale hasn't showed up on ACRIS yet), and 90 PPW has languished as BHS continued to open house it at $1.4MM for several weeks (until the recent price drop).

Even in the Slope, I doubt you get a lot of foot traffic for $1.4MM co-ops.

Posted by: guest at May 13, 2008 5:13 PM

Hmmm...must be something not quite right about it.

To my eyes, even at 1.4, that's a good deal. I'd say it's at least 1,300 square feet, probably closer to 1,400, and the maintenance is a steal. For people with kids, being on the first floor is a definite plus. And I'm nearly certain it's in PS 321.

Hate to compare it to the UWS, but I will. That's a $2 million space, at less than half the maintenance, in a great public school district, right across from a park.

Very odd that they had to price chop.

Posted by: guest at May 13, 2008 5:34 PM

Actually, 5:24....if this were on its UWS equivalent...let's say 85th and Central Park West, it's more like a 2.75 million dollar pad.

Posted by: guest at May 13, 2008 5:44 PM

86 PPW looked much bigger and brighter, so this one is certainly STILL overpriced. If they go to 1.1, they'll have much more luck! This is not a market where you should overprice things...

Posted by: guest at May 13, 2008 9:16 PM

Sam - my thoughts exactly. After the collapse of the old USSR, Denton couldn't go back to Siberia so he had to settle in PS. Bugs Bunny wasn't part of the local broadcast in Yamal Nenets. It doesn't look like they had broadcasts at all there based on Denton says at 7:51.

Posted by: guest at May 13, 2008 10:42 PM

7:51 - no TV, no sense of humor either

Posted by: guest at May 13, 2008 10:43 PM

Roughly $900psf in a nice building (w/cheap mtc) across from the Park. Not a bad selling price.

Posted by: guest at May 13, 2008 10:46 PM

How are you getting 900 psf? Place seems smaller, and the broker does not list sf. 900 psf in this market is still steep, and 321 folks is getting very crowded.

Posted by: guest at May 13, 2008 11:05 PM

Do the math. It's approx. 1350, and it won't sell for ask. If you are looking for a real 3BR in Bklyn of this caliber, whether it's the Heights or PS, this appears reasonable.

Posted by: guest at May 13, 2008 11:30 PM

A bit too coffin-like for my tastes, and PPW is best enjoyed from a high floor in a elevator building.

Posted by: guest at May 13, 2008 11:36 PM

I don't grasp the PS love affair. What's the door-to-door commute from this "pad" to, say, Lower Manhattan or Midtown? Including the walk to Grand Army Plaza there and back? Or, is it just assumed you're car servicing it to Bear Stearns or Lehman or Merrill or...?

Oh, wait a minute.

Posted by: guest at May 13, 2008 11:39 PM

"I don't grasp the PS love affair."

You don't grasp the ginormous park, the numerous restaurants and shops, and the beautiful architecture?

Posted by: guest at May 13, 2008 11:48 PM

I'd rather be in BH or CH with beautiful architecture, plenty of wonderful shops, plenty of parks and playgrounds, the ability to visit the zoo, carousel, or the BBG or PP on the weekend, and save 30 minutes each way each day, door-to-door.

Five hours a week.

Posted by: guest at May 14, 2008 12:06 AM

I live right around the corner from here and work in Times Square. Including the walk up to Grand Army, it takes me 35 minutes, door to door. Clocked it many times. When I get REALLY lucky, it takes 30.

Taking the extra couple minute walk to the 7th Avenue Q stop, and I can be at Union Square in 20 minutes or 42nd in about 30.

Fridays I have meetings at Wall Street and that is 20 minutes, door to door. A cab from Soho is $18.00

So yeah, it's a few minutes longer than Cobble Hill or Brooklyn Heights, but being able to walk out your door and be in one of the most beautiful parks in 30 seconds is priceless to me.

Then in the other direction are 200 restaurants, bars and shops within 15 minutes in either direction on 7th and 5th.

A walk up to the Greenmarket takes 3 minutes and it's a real pleasure to live so close on Saturdays for some fresh baked goods and some great plants for the garden.

I wouldn't want to live anywhere else.

Posted by: guest at May 14, 2008 12:33 AM

I think this is lovely. Kitchen should have been designed to keep with the old, wood detail but it works. I don't think the price is correct. There was a recent 2bdrm plus madis room sale at 35 PPW and that is a white glove building for 1.25. There are trade offs but it will probably go closer to 1.2 or 1.3

Posted by: guest at May 14, 2008 7:45 AM

I live on the first floor on PPW. Good windows will keep out most street noise, unless it was near a bus stop or near the corner with a stoplight where cars (with loud radios) and buses idle. (This one does not appear to be near either.)

Posted by: guest at May 14, 2008 9:04 AM

Wow, that link to the 86 PPW that went into contract was interesting -- I thought the floorplan on that apartment was less than ideal and I'm very surprised that it would go before this one. The kitchen and dining room are at the opposite side of the apt. from the living room. Maybe it was a higher floor, because based just on the photos, this one is far nicer. Not that I'd pay 1.4 million for this, however. We looked at a few similar apartments on PPW in 2001 -- same 3 bedroom layout. They were running about $450,000 then (perhaps not as finely renovated). I do like the layout if you have kids, but would rather buy a 4 -story brownstone for same price. You have live on 2 floors (have outdoor space), and rent out 2 floors. Very conservatively speaking, 2 floor through apartments would net you about $3,600/month -- enough to pay off $600,000 of mortgage. So you can buy a 2 million dollar property for this amount. And I do believe it is still possible to get a brownstone in a nice area (perhaps not "prime" park slope), for 2 million.

Posted by: guest at May 14, 2008 9:38 AM

already has an accepted offer folks. wish it weren't so as we were going to view it later this week. thanks for playing.

Posted by: guest at May 14, 2008 2:23 PM